Cadaret, Grant & Co., Inc. v. Great American Insurance Company
Case Number:
2:21-cv-06665
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Firms
Companies
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September 23, 2025
Insurer Needn't Cover $3.3M Securities Scam Settlements
An insurer for a securities broker-dealer does not owe coverage for $3.3 million the company paid to settle claims that an employee defrauded clients, a New York federal court ruled Tuesday, finding that the settlements are not a direct loss covered under the company's policy.
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December 01, 2021
Finance Co. Seeks Coverage For $3.3M In Scam Losses
A broker-dealer asked a New York federal court Wednesday to order its insurer to cover $3.3 million in losses stemming from an employee tricking company clients into sending him money, slamming the insurer for denying coverage because the stolen money was transferred from noncompany accounts.